INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART III - LIABILITY TO TAXATION  

Division 10B - Industrial property  

SECTION 124S   RESIDUAL VALUE  

124S(3)   [Ownership prior to 1 July 1956]  

Where a person was the owner of a unit of industrial property immediately before the year of income which commenced on 1 July 1956, being a unit the effective life of which in relation to that person had commenced at the commencement of a previous year of income, the residual value of the unit at any time in relation to the person shall be deemed to be the amount that would have been the residual value of the unit at that time if the provisions of this Division had applied to assessments in respect of income of the year of income at the commencement of which that effective life commenced and to assessments in respect of income of each subsequent year.

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